Solar Panels Cost 10k-21k in Mount Vernon, IN | October, 2024

Solar Panels Cost $10k-$21k in Mount Vernon, IN | October, 2024

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How much do solar panels cost in Mount Vernon, IN in 2024?

To have a solar system averages out to $3.91 per watt in Mount Vernon, IN in the month of October, 2024.

According to this price per watt, we can come to the conclusion that for every 1 kW (1000 watts) your solar system can produce, you will need to invest $3,910 for its installation. When you deduct the 30% federal tax credit, you will pay about $13,685 for a 5 kW solar panel install in Mount Vernon. It's important to note that a more extensive system could be needed to meet your energy requirements.

To the left,select your area to see the typical roof size and the average maximum capacity of solar panels for homes in your county. Below is a summary of the costs, payback period, and 20-year average savings for a 5 kW system installed in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Mount Vernon: $13,685US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Mount Vernon: 8 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Mount Vernon: $14,924US Average: $15,784

Solar Potential in Mount Vernon

Estimated system size and solar electricity production per median viable roof in
Mount Vernon.

Roof size 733sq. ft.
Capacity 10.25kW DC
Electricity 11.9kkWh AC per yr.

Electricity Costs in Mount Vernon, IN & What that Means for Your Solar Panel Pricing

For Mount Vernon energy consumers, the typical electric bill is $143.64 per month, with a usage of 875 kWh. These figures incorporate apartments and other smaller residences with lower energy consumption.

In October 2024, Mount Vernon, IN's mean electricity rate amounts to 16.42¢ per kWh.

If you’re an average electricity consumer in Mount Vernon you must have an 8 kW or more sized system to cover your entire electricity usage needs. Upfront, an 8 kW solar installation is around $31,280, with the federal tax credit returning 30% of your investment amount, lowering the cost to $21,896.

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Average solar panel costs by system size in Mount Vernon

To your left, we have provided a full pricing details for the multiple solar panel system sizes installed in Mount Vernon. Naturally, with a larger solar system, there will be a larger initial investment, but the advantages consist of greater energy savings and greater income tax credits.

View a cost benefit analysis in the solar panel cost calculator below and to the right, for an average electric bill of $143.64 in Mount Vernon. Adjust the $143.64 to your average electricity bill payment for customized results.

System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $947 a year
Est. Price
$10,948
Savings from a 4kWthis system
  • Est. yearly production 5,916 kWh
  • Est. monthly savings $79
  • Full payback in 6 years
Environmental Impacts
  • Reduces CO2 emissions by 5.01 tons a year
  • Equivalent to planting 230 trees a year
  • Equivalent to driving 12,397 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,183 a year
Est. Price
$13,685
Savings from a 5kWthis system
  • Est. yearly production 7,395 kWh
  • Est. monthly savings $99
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 6.26 tons a year
  • Equivalent to planting 288 trees a year
  • Equivalent to driving 15,496 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,420 a year
Est. Price
$16,422
Savings from a 6kWthis system
  • Est. yearly production 8,874 kWh
  • Est. monthly savings $118
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 7.51 tons a year
  • Equivalent to planting 345 trees a year
  • Equivalent to driving 18,595 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,656 a year
Est. Price
$19,159
Savings from a 7kWthis system
  • Est. yearly production 10,353 kWh
  • Est. monthly savings $138
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 8.76 tons a year
  • Equivalent to planting 403 trees a year
  • Equivalent to driving 21,694 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,893 a year
Est. Price
$21,896
Savings from a 8kWthis system
  • Est. yearly production 11,832 kWh
  • Est. monthly savings $144
  • Full payback in 13 years
Environmental Impacts
  • Reduces CO2 emissions by 9.14 tons a year
  • Equivalent to planting 420 trees a year
  • Equivalent to driving 22,631 mi less a year

Mount Vernon Solar Panel Installation Incentives & Rebates | 2024

Rural farmers and small business owners could have between 80% and 100% of their photovoltaic or wind turbine installation expenses covered by the REAP Grant. If you believe you might qualify, we suggest utilizing our REAP Grant eligibility tool to verify.

The federal government offers a 30% tax credit for residential solar systems, which makes solar appealing and feasible for a variety of homeowners. A variety of state and local incentives are available to support the use of solar energy.

Different utilities and government entities in Indiana provide 4 solar rebate and incentive initiatives.

Renewable Energy Property Tax Exemption

Value:Varies

Property tax exemptions apply in Indiana for solar, wind, geothermal, and hydroelectric power and thermal devices. (Solar devices installed before January 1, 2012 do not qualify for an exemption.) For most generation systems, exemptions will amount to the currently assessed value of the system (adjusted for depreciation.) Solar thermal, HVAC, or pool heating systems will be exempted at a fixed amount equal to parts and labor costs. Unique to Indiana, should the owner sell their property, exemptions will not apply to the new owner. Qualifying taxpayers may claim the exemption by filing Form 18865 with their county. Additional information is available from the Indiana Department of Local Government Finance website.

Community Conservation Challenge

Value:Varies

NOTE: This program is closed to new applicants. Indiana's Community Conservation Challenge is a grant program managed by the Office of Energy Development. Commercial, industrial, or agricultural property owners may be eligible for $20,000 - $80,000 to install new renewable energy systems or make energy efficiency improvements. Projects that may qualify for funding include green vehicles, HVAC, lighting, solar PV/thermal systems, and wind turbines. At least one community must partner with the property owner, and the completed project should be visible to the public eye. Additional information is available from the OED website.

NIPSCO - Feed-In Tariff

Value:Varies

NIPSCO pays feed-in tariffs to distributed renewable energy customers with systems rated for 3 kilowatts to one megawatt of capacity. Monthly compensation will take the form of a bill credit based on the amount of excess energy sent back to the grid. Unlike net metering, NIPSCO has greater control over how much of a customer's generated energy can be considered "excess." This control is to keep the grid stable. Customers must "opt in" to receive tariffs by filling out an application on the NIPSCO website and paying an administration fee based on system capacity; the current fee is $1 per kilowatt plus $25.

Clean Energy Portfolio Standard

Value:Varies

Indiana has adopted a non-binding renewable portfolio standard called the CHOICE. There have been three clean energy targets set with the final goal of sourcing 10% of the state's energy from renewable sources by 2025. Unique to the CHOICE standard, up to 30% of investments can be in cleaner conventional energy (natural gas, CHP, and clean coal). Participation in the CHOICE is completely voluntary. Interested utilities can register with the state's Utility Regulatory Commission to submit business and project plans. As a utility makes CHOICE investments, they will earn Clean Energy Credits pegging energy capacity to a fixed dollar value. Additional information is available from the CHOICE website.

Are solar panels worth it in Indiana?

For those in Mount Vernon intending to stay in their homes past the payback period of their solar system, solar panels make good sense. A 5 kW solar system in Mount Vernon, IN could potentially save you $20,788.6 over the course of 20 years, with the break even point typically at 8 years.

The cost of not having solar panels in Mount Vernon, IN

Without solar panels or another backup power source, you miss out on the savings highlighted previously and are entirely on your electric utility for electricity. Full reliance on your utility provider is not always ideal, as recent examples in the news have highlighted.

Each year, utility customers in Mount Vernon have encountered an average of 1.57 outages per year. Usually, outages have an average duration of 170.15 minutes. However, during critical events like equipment failure, earthquakes or construction accidents, these times can extend dramatically.

Whether or not it includes a backup battery, a solar panel system could mitigate the effects of future power interruptions you might experience.

Power Outages

Currently, 0 customers are being tracked in Posey County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Mount Vernon, IN?

Your Energy Needs - Investing in larger solar panel systems costs more upfront, but the price per watt is lowered as the system size increases. It is often beneficial for individuals to set up a solar system that can make enough electricity to fully cover their electric bill, which results in substantial savings.

Make & Model - Similar to other products, solar panels and mounting equipment are offered in a wide variety of makes and models. The installer’s preference for system makes it essential to choose a reputable installer. Investing in superior quality makes and models can result in a much better long-term experience for the buyer.

Solar Panel Type - For valid reasons, monocrystalline panels have emerged as the standard in the industry. Although the cost is more, they yield more energy. The majority of installers use these types of panels.

Your Property - Each property and residence is unique. Issues like trees, uneven landscapes, or other impediments may add to the complexity of the installation. Using satellite images, solar installers these days can assess your home and factor in these considerations into the preliminary cost estimate.

Labor Rates - Differences in employee wages across companies lead to expenses that are borne by the consumers. Companies that invest in higher wages usually see higher reviews for their services and customer service.

Permitting & Interconnection - Your installation cost will be affected by area-specific permitting and utility interconnection fees. Good local installers will incorporate these figures into your first estimates to avoid any surprises.

See what solar panels cost in other IN cities

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Who are the best solar installers in Mount Vernon?

YellowLite

Cleveland, OH(877) 743-8757

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Auditing of energy requirements for independent energy generation.
  • Monitoring of independent energy generation.

Power Home Solar

Mooresville, NC(704) 870-3670

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.

Silver Sun Solar

Deltona, FL(340) 227-7785

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Harvest Solar

Jackson, MI(888) 907-6527

Services

  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

GRNE Solar

Palatine, IL(312) 859-3417

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.

Sigora Solar

Charlottesville, VA(434) 465-6192

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Ideal Energy

Fairfield, IA(800) 634-4454

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Reparation of solar arrays.

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

PowerHome Solar

Mooresville, NC(704) 870-3670

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Icon Solar

Milford, OH(513) 396-7777

Services

  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.

Mount Vernon, IN Solar Panel Cost FAQs

  • As of October, 2024, the typical cost for solar panels in Mount Vernon, IN is $3.91/W. After federal tax credits, the installation of a 5 kW solar panel system in Mount Vernon, IN is estimated to cost $13,685.

  • If you live in Indiana, you can find 4 rebates and incentives through different utilities and government agencies. Moreover, the 30% federal tax credit is accessible to nearly everyone.

  • Cash payments yield the highest savings, yet several financing options now available for solar panels are financially beneficial as well. Financing options are frequently available through installers and will be detailed in your initial quotes.

  • Yes, on average, 5 kW solar panels in Mount Vernon, IN pay for themselves in 8 years, with homeowners saving approximately $20,788.6 on electricity over 20 years.
Alex Zdanov
Last Reviewed By: Alex Zdanov
Published: 2024-10-01